The government increased the tariff value of imported crude palm oil while reducing that of palmolein

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MUMBAI: In the Mumbai oil-seeds market today, cottonseed oil prices remained on the decline behind Saurashtra after rising, while the rise in Singoil was digested. Meanwhile, prices of imported edible oils remained subdued in the global market. The palm oil futures in Malaysia fell by 70 to 75 points today while US soybean oil prices fell by 80 to 85 points in the projection today after the price of American soy oil fell by 55 to 60 points overnight.

At home, the price of Saurashtra Cotton Washed was Rs.1180 to 1185 and today it was Rs.1165 to 1170. Saurashtra was quiet at Singtel Vadhya Mathal. The price of 10 kg cottonseed oil in the present market of Mumbai fell back to Rs.1230 behind Saurashtra, while the price of Mumbai single oil remained at Rs.1570. Mumbai Imported palm oil prices fell to Rs.935 today. In hawala resale, 140 to 150 tonnes were traded at Rs.932 to 935 and the forward price was Rs.940.

Meanwhile, Crude Palm Oil CPO Kandla prices fell to Rs.855. The price of Mumbai sunflower refined was Rs.1320 while the price of soybean oil was Rs.1140 for Digum and Rs.1230 for refined. The price of mustard was Rs.1370 and refined was Rs.1400. Mumbai spot divel and spot Erda futures saw a slow decline today.

There was news of changes in the tariff value used as a benchmark for calculating the import duty of various edible oils imported into India. Such tariff value of crude palm oil CPO has been increased from 971 to 977 dollars while that of palmolein has been reduced from 993 to 988 dollars.

Meanwhile, the government has reduced the tariff value of soy oil from 1360 to 1275 dollars. However, on the other hand, there has been news that the government has increased the customs exchange rate of dollars for importers by Rs.82 to Rs.83.55.

As a result of all this, the effective import duty of crude palm oil CPO has increased from Rs.110 to 111 per tonne, while the effective import duty of palmolein has increased from Rs.154 to 155 per tonne, while the effective import duty of soy oil has decreased from Rs.274 to 275 per tonne, market insiders said. was

Meanwhile, soybean income today was 250,000 times higher in Madhya Pradesh and 175,000 times higher in Maharashtra. And all India income was 5 lakh 25 thousand times today. Raida's new crop is enjoying a bumper crop in India. The area under Raida cultivation has increased by about 9 percent and the experts are showing the possibility of such area increasing further to reach 95 lakh hectares.


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